Yes, and may it live on. The NFL and MLB run compensation, while the NBA has a culture of sign-and-trade as well as salary cap provisions as compensation. The systems work very well in the NFL and MLB, too.
Not sure you quite understand this.
The NFL caps compensatory picks at a maximum value end of 3rd round pick.
This compensation is only worked out once all free agency movement is done, ie the compensatory pick value is worked out for the combination of all your comings and goings.
Frankly, it has absolutely no place in our game, outside of maybe a end of second round pick for teams losing legitimate stars of the competition.